Gulf Oil’s Q1 operating margin trails Energy peer median
Standalone earnings included Rs 26.64 cr of other income, while the 12.90% operating margin was 0.57 percentage points below the 12-peer median.
Filed 03 Aug 2026, 18:28 IST · after market close · Gulf Oil Lubricants India Ltd (GULFOILLUB)
Key takeaways
- Gulf Oil’s standalone operating margin was 12.90%, 0.57 percentage points below the 13.47% median for 12 Energy peers.
- Other income of Rs 26.64 cr supplemented standalone pre-tax profit of Rs 172.44 cr, so earnings were not entirely operating-led.
- A 26.05% tax rate left standalone net profit at Rs 127.52 cr, with EPS of Rs 25.76.
Price around the results
Q1 profit was largely driven by operations
The narrow gap between operating profit of Rs 170.37 cr and pre-tax profit of Rs 172.44 cr indicates limited lift beyond the operating result before tax. The results were filed after market close, so no market reaction is covered.
Other income supplemented the operating result
Other income of Rs 26.64 cr formed part of pre-tax profit, meaning reported earnings included a non-operating contribution. Net profit also reflected a 26.05% tax rate, which reduced pre-tax profit to Rs 127.52 cr.
Margin sits below the reported Energy peer median
Gulf Oil’s 12.90% operating margin was 0.57 percentage points below the 13.47% median among 12 Energy peers that had reported the quarter. The company ranked seventh from the bottom on this comparison.
Q1FY27 at a glance
Standalone figures as filed with NSE — cross-checked against an independent source.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹1,320 cr |
| Other income | ₹27 cr |
| Expenses | ₹1,150 cr |
| Operating profit | ₹170 cr |
| Operating margin (%) | 12.90% |
| Interest | ₹8 cr |
| Depreciation | ₹17 cr |
| Profit before tax | ₹172 cr |
| Tax | ₹45 cr |
| Net profit | ₹128 cr |
| EPS (₹) | ₹25.76 |
Operating margin of 12.90% compares with a Energy sector median of 13.47% across 12 peers that have reported Q1FY27.
What to watch
- Whether operating margin moves above 12.90% and narrows the gap with the 13.47% Energy-peer median.
- Whether other income remains a meaningful contributor alongside pre-tax profit of Rs 172.44 cr.
- Whether the tax rate remains close to 26.05% while EPS is tracked from Rs 25.76.